Bitcoin prices have been volatile during the past seven days but ultimately ended up close to where they started. We are only down by $364 dollars since last Tuesday or around 3.1 percent. This is a very small percentage change for a crypto-currency.

On the chart above the most recent week is shown with a rectangle. Above current prices we find some resistance at $11,595, $12,629 and $12,992 dollars. But the bulls need a breakout above $14,559 dollars to end the current downtrend. A move beyond $17,231 could re-start the rally in BTC/USD.

Despite the recent stability, bitcoin remains in a downtrend. Support below can be found at $10,680, $10,000 and $9,211 dollars per coin. A move below here could intensify the losses. On the longer-term weekly and monthly charts BTC remains in an uptrend.

On the news front not much new for bitcoin. Today Goldman denied rumors that the Bank will get involved with market making in bitcoin futures. This throws more cold water on the hype around BTC futures, which largely didn’t live up to market expectations.

Bitcoin prices dropped over 10 percent today after Bloomberg leaked a rumor that the U.S. government subpoenaed both Bitfinex and Tether. The outstanding supply of tethers snowballed since December of last year, from below 1 billion to over 2.3 billion. In other news yesterday Tether announced that they were terminating the audit that was expected last year:

‘Given the excruciatingly detailed procedures Friedman was undertaking for the relatively simple balance sheet of Tether, it became clear that an audit would be unattainable in a reasonable timeframe,” Tether said.’

According to some speculators, the two companies are printing tethers without USD backing to support crypto prices. More on this controversy HERE.

The technical picture is unchanged. Bitcoin is still in a downtrend on the daily charts. To end it the bulls will have to push us above the $13,000 handle. A break below the $9,211 swing low could exacerbate the losses. On the longer-term charts BTC/USD is still keeping the bullish bias.

The news about the Tether subpoena last week shook market confidence. Bitcoin prices dropped by 40 percent in 6 days to hit a low of $5,980 dollars. Here we got somewhat of a rally to $8,468 dollars but there is no certainty that this will be more then a ‘dead cat’ bounce. We are quoted at $8,415 dollars right now, much below the $19,850 all-time high.

The downtrend on the daily charts continues. To end it the bulls will need to push prices above $12,000 dollars. A new uptrend requires a breakout above the $12,982 swing high. Support on the way down can be found at the most recent swing low at $5,980 followed by the $5,000 round figure. This is an important milestone for BTC/USD as well as a previous major resistance. A clear break of this level could lead to more BTC losses. On the longer-term weekly charts bitcoin is range-bound. The monthly charts are still keeping the bullish bias.

The high but directionless volatility continues in BTC/USD. During the past seven days we traded as low as $9,270 and as high as $11,054 dollars. While bitcoin is down this week it hasn’t broken any important support levels yet.

A new downtrend requires a break below the $7,705 swing low. Above here we find support at the $10,000 round figure, followed by $9,280 swing low. Further down we have the previous resistance now turned support at $9,049, closely followed by the $9,000 round level.

Higher up there’s resistance at yesterday’s high of $11,054 but a new uptrend needs a breakout above the $11,769 swing high as well. The swing high at $12,161 dollars is another notable resistance level. We have more levels higher up at $12,629, $12,982 and the $13,000 round figure. On the weekly charts BTC is range-bound as well but the monthly charts are still in an uptrend.

Bitcoin has lost over 20 percent of its value during the last ten days. With the break below the $9,211 level, BTC re-entered a bear market on the daily charts. After that breakdown, we saw a substantial decline to $7,656 dollars yesterday. Since then prices bounced back a bit but this seems to be a dead-cat rally.

A breakout above $11,769 dollars is needed to end the current downtrend. A move above here would also turn the trend from down to up. Support on the way down can be found at $7,656 (weak) followed by the $7,536 swing low. Last month’s low at $5,980 is another notable support level. A break below here could lead to more losses. On the weekly charts, BTC/USD is range-bound. The monthlies are still keeping the bullish bias. But as we’ve said previously, an eventual change of trend on this time-frame could take many months.Read about LTC/USD on FXOpen blog

After large losses of over $2,000 last week BTC/USD hit a high of $9,020 today. Softer tones on crypto regulation from the G20 helped to ease investor sentiment somewhat. During the weekend Mark Carney, the head of the Financial Stability Board, said that ‘crypto-assets do not pose risks to global financial stability at this time’ citing the relative size of the overall market cap.

However a later mention in the G20 communique pledged to apply money laundering and terrorist financing standards to cryptocurrency. The G20 also called for more information and recommendations on crypto regulation by July.

Ether has dropped over 16 percent in the past seven days and is currently quoted just below the 0.06 round figure. The altcoin has been in a persistent downtrend versus bitcoin since the middle of February, losing over a third of its value during this time. Support below can be found at the latest swing lows around 0.059 and the 0.06 round figure. This is followed by the 0.05405 swing low and the 0.05 BTC round figure.

Bitcoin is down since our last update, from $8,839 to $7,501 dollars right now. The downtrend noted in last week’s article remains in place for BTC/USD.

To end it the bulls need to push bitcoin back above the $9,165 swing high. A rally beyond the $9,887 swing high is needed for a new uptrend. However due to the proximity of the $10,000 round figure, its likely that many will wait for its break before committing to the rally. Resistance higher up can be found at $10,680 dollars, followed by the double top around $11,769 dollars per coin. A breakout above here may lead to more gains.

On the lower end we have support at the $7,287 swing low, followed by the major crash low at $5,980 dollars. Of course the round figures at $7,000 and $6,000 dollars may act as temporary support as well. On the longer-term charts the picture is mixed. The weekly chart is range-bound while the monthly is still showing a bullish bias.

Bitcoin is quoted at $7,378 dollars right now, a gain of 15 percent from the lows. However, this bounce is still very much in the realm of ‘dead cat’, as counting from the start of March bitcoin is down by 29 percent.

To end the current downtrend on the daily charts BTC/USD needs to break the $9,018 swing high. A new uptrend may commence if we decisively break the $9,165 high. Higher up there’s more resistance at the $9,887 swing high followed by the $10,000 round figure. A breakout above here may accelerate the gains. But with BTC at $7,378 we are still far from that scenario.

Bitcoin prices surged from $6,859 to $8,069 dollars yesterday, a gain of 17.64 percent. We are currently quoted at $8,048 dollars per coin. But what’s even more astounding is that the spike happened during the span of forty minutes. No major news can be pinned to the sudden buying as of yet.

While the shocking gains today may tempt some to ‘FOMO‘ back in, bitcoin is now only in a range on the daily charts. A new bullish trend requires a breakout above the $9,165 swing high. Below we find weaker resistance levels at $9,018 and $9,000 dollars. Above there’s the $10,000 round figure, an important psychological barrier. This is followed by more resistance at $10,680, $11,000 and $11,769 dollars.

On the way down there’s a strong area of support around $6,420 to $6,600 dollars. A clearing of this support and a move below $6,420 would re-start the downtrend in BTC/USD. Further down we have this year’s low at $5,980 dollars. A breakdown below here may lead to more losses. Lower still the area around the $5,000 round figure is another notable support. On the weekly charts bitcoin is also range-bound but the monthlies are keeping the bullish bias.